Mining space

Gemini founders the Winklevoss twins were invited by Barstool Sports host Dave Portnoy to “come over and explain bitcoin”.  Portnoy has recently become a day trader himself.

Why bitcoin? The twins answer to this question was one few could have guessed.

Predicting The Collapse Of Gold….

It would be a game changer if the gold market were to collapse, with far reaching implications.  The long time ‘safe’ storage of value becoming so common, it’s worth about the same as any other metal.

“There’s billions of dollars of gold floating in asteroids around this planet. “Elon Musk is going to destroy gold. He’s going to get up there and start mining gold. That’s why gold is a problem, because the supply isn’t fixed like bitcoin. Gold is for boomers who don’t understand that.” Says Tyler Winklevoss.

While the public generally hasn’t heard of this before, the concept isn’t new in circles of wealth. Even Goldman Sachs is taking positions investing in companies that aim to mine space, saying “The psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower”.

Over 17,000 Targets…

We’ve currently recorded and in some cases tracked nearly 1,000,000 asteroids.  Of those, an estimated 17,000 are close enough to earth, and made of materials worth consideration for mining.

It’s not just gold they’re flying around with either – asteroids are also rich in platinum, iron, nickle and more. Compare to mines on Earth, 1 asteroid can easily contain 50X more valuable metals.

On The Other Hand, Bitcoin…

Now that it’s clear – we’re talking about a massive, endless supply of what was once rare precious metals.

But no matter what they’re doing up in space, no one can plan for more Bitcoins to be minted.  Meaning the long term, scarce investment is found on the blockchain, not in the ground.

Author: Ross Davis
E-Mail: Twitter:@RossFM
San Francisco News Desk